Stop the Presses

Due to a fatal flaw, one of the most acclaimed numismatic books of all time was nearly obsolete before its first printing was even distributed. Luckily, the authors discovered the mistake in time and quickly fixed it, penning one of the most famous numismatic publications ever, The Fantastic 1804 Dollar. What could have possibly made this book outdated merely days before it was released?

Preparing the Manuscript

In 1959 the Smithsonian Institution requested Lynn Glaser to write a paper on the 1804 dollar. Glaser quickly invited his friend Walter Breen, along with the brilliant young numismatist Kenneth E. Bressett, to join his study group. The trio began to research and write an article on the 1804 dollar, which was surrounded by intrigue and mystery due to its uncertain origin. After several months, the group invited Eric P. Newman to join, and their ambition increased from one article to a series of articles. The group steadily uncovered more information, but as time went by, Glaser’s and Breen’s contributions dwindled. Glaser wrote in a letter, “I haven’t been writing to anyone for a simple reason, I haven’t got anything to say.” Glaser’s and Breen’s last involvement in the project was in March 1961 when the two men drafted an outline for the book. Glaser had stated earlier on in the project that they should not have the book be strictly about the 1804 dollar. He thought it should also include all the restrikes of U.S. coins made during that time period. So, the Glaser-Breen outline included all the restrikes and was of no use to Newman and Bressett. That was the last straw, and the two withdrew from the project in August 1961.

Newman and Bressett started researching and writing for long periods of time, with a finished product in mind. Finally, in the summer of 1962, their work was finished. After conducting thorough research, including an analysis of the collar die used, they had decided that the dollars were made after 1804 but could not figure out why, so they focused the book on debunking previous theories about the origin of the 1804 dollars. They sent the manuscript to Whitman Publishing, where it was soon prepared for printing.

A Fateful Lecture

As the book was about to be printed, Bressett went to the World’s Fair of Money. He anticipated receiving a case of the books at his house when he returned from the show. As usual, the World’s Fair of Money was splendid, and Bressett intended to attend several presentations, including one called “New Facts About an Old American Coin” by David Spink. On that fateful night of August 16, 1962, Spink presented solid evidence that convinced Bressett that the book needed to be rewritten.

What could this new evidence be that so strongly and instantly debunked several years of research by some of the most prominent numismatists of the time? It was the King of Siam coin set, which included a previously unknown 1804 dollar. At an earlier date, Spink, through his business Spink & Son, had purchased a complete set of United States coins from two elderly ladies who were descendants of the tutors of the King of Siam’s children. The set of coins, dated 1834, included a previously unknown 1804 dollar. This discovery showed that the 1804 dollar was originally minted as a diplomatic gift and proved conclusively that the dollars had been made in 1834 instead of 1804. It also increased the number of known 1804 dollars from 14 to 15.

The second that Bressett heard this, he ran out of the room to the nearest pay telephone, quickly dialed Whitman Publishing, and yelled, “Stop the presses!” Whitman was tolerant, allowing the authors about a month to rewrite portions of the book. The publication continued without further delay.

Meanwhile, the original books that had arrived at Bressett’s house earlier that week were quickly given out to the authors and other prominent members of the numismatic community as keepsakes. Today, there are about 35 examples known of the first printing. Despite their covers being identical, there are several differences inside. The first-printing editions continue to carry a premium of several hundred dollars. The quickest way to tell the books apart is that in the first printing, Chapter IX is titled “The Diplomatic Gift Delusion,” while the title of Chapter IX in the second printing is “The Origin of the 1804 Originals.”

Conclusion

The Fantastic 1804 Dollar is a popular book. While not common knowledge, it is a second printing of the famous work and carries a fascinating history. The first printing remains almost as rare as the 1804 dollar and is still quite popular among literature collectors. A few copies of the first printing could possibly be sold as normal examples, and an astute cherrypicker could profit from this knowledge by finding a copy of the rare first printing. Overall, this book has a fantastic backstory and is a true classic for collectors today and in the future!